Black Canyon (BCA) Q3 2026 TU earnings summary

Executive summary

• Metallurgical testwork confirmed high-quality DSO potential for both high-grade manganese oxide and iron composites, with low deleterious content.

• Stage 2 beneficiation testwork post-quarter produced high-grade manganese oxide concentrates from all feed grades using simple density-based techniques.

• A 15,000m RC drilling program commenced after quarter end at the Wandanya Project for resource definition and expansion.

Financial highlights

• Cash balance at 31 March 2026 was $10.1 million, with no debt.

• Exploration and evaluation expenditure for the quarter was $94k; admin and corporate costs totaled $310k.

• Net cash outflow from operating activities was $261k for the quarter.

• Estimated 28 quarters of funding available at current expenditure rates.

Outlook and guidance

• Ongoing RC drilling at Wandanya aims to expand resources and improve geological understanding, with first assay results expected in 4–6 weeks.

• Further beneficiation testwork is planned to increase recovery from lower-grade mineralisation.